Exercise 8-17 Partial-year depreciation; disposal of plant asset LO P2 Rayya Co. purchases a machine for $176,400 on January 1, 2019. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is sold on July 1, 2023, during its fifth year of service Prepare entries to record the partial year's depreciation on July 1, 2023, and to record the sale under each seperate situation. (1) The machine is sold for $75,600 cash. (2) The machine is sold for $60,480 cash. View transaction list Journal entry worksheet > 1 2 3 Record the depreciation expense as of July 1, 2023. Note: Enter debits before credits Debit Credit General Journal Date July 01, 2023 View general Journal Record entry Clear entry Next > Exercise 8-17 Partial-year depreciation; disposal of plant asset LO P2 Rayya Co. purchases a machine for $176,400 on January 1, 2019. Straight-line depreciation is tak a seven-year life and no salvage value. The machine is sold on July 1, 2023, during its fifth year Prepare entries to record the partial year's depreciation on July 1, 2023, and to record the sale u machine is sold for $75,600 cash. (2) The machine is sold for $60,480 cash. View transaction list Journal entry worksheet